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Trend Needle Still Points South

  • RES 4: 0.6632 50-day EMA
  • RES 3: 0.6656 High Sep 23
  • RES 2: 0.6547 High Oct 4 and key resistance
  • RES 1: 0.6363/6445 Low Sep 28 / 20-day EMA
  • PRICE: 0.6288 @ 20:54 BST Oct 17
  • SUP 1: 0.6170 Low Oct 13
  • SUP 2: 0.6133 1.382 proj of the Apr 5 - May 12 - Jun 3 price swing
  • SUP 3: 0.6099 76.4% retracement of the 2020 - 2021 bull cycle
  • SUP 4: 0.6035 1.50 proj of the Apr 5 - May 12 - Jun 3 price swing

AUDUSD is trading closer to its recent lows. A bearish theme remains intact and short-term gains are considered corrective. The pair has recently cleared 0.6363, the Sep 28 low and bear trigger. The break confirms a resumption of the primary downtrend and the print below 0.6200 exposes 0.6133 next, a Fibonacci projection. On the upside, initial firm resistance to watch is 0.6445, the 20-day EMA.

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